Forex in Russian, on the eve of change


In early November, President Putin submitted to the State Duma a bill on gambling, which could significantly change the situation in the Russian segment of the forex market. At the moment, companies and banks offering services for transactions with international currencies, working in four main schemes. First, it is the so-called betting scheme (Forex Club, Yumis, E-Capital, etc.) at which the client does not commit the transaction, and does the Internet bookmaker rates of currency exchange rates. According to the newspaper Vedomosti (23 October 2006), such a scheme would be totally banned. "Under the president's bill, activities of gambling can be" + "," exclusively in the gaming areas (of which there are plans to create in Russia a total of four), and the organization of gambling "with the use of information and telecommunications networks, including the Internet, and and means of communication, "+" is prohibited. "

Ie companies bookmakers operating in Forex will soon have to move into these play areas. However, it is difficult to imagine that thousands of customers dealing centers, which are used to trade currencies through the Internet, will travel to Moscow, Kaliningrad and Novosibirsk region in order to open or close a position on the euro / dollar or pound / franc. Rather, the organization of the scheme with the bookmaker will have to stop taking money from Russian clients in rubles and to offer them a choice: offshore scheme, when a client sends money to foreign accounts of the company (that will dramatically reduce customer base), or work through a Russian bank, which currency license. The fourth version of legal work in the Forex market in Russia remains in derivatives OTC (Kalita-Finance, Optima Finance). It is this scheme of work looks the most promising in the world of practice.

If we turn to the experience of management operations on the foreign exchange market is, for example, in the U.S. OTC transactions to the difference of exchange rates (stocks, indexes, etc.), subject to the law, called Commodity Exchange Act (similar to our "Law on Commodity exchanges and exchange trade ") and are classified as« off-exchange foreign currency futures contracts »(OTC futures, ie, forward contracts on foreign currencies). One can assume that Russia will go in terms of regulation of similar financial transactions on the world the way. At least at the moment the Federal Service for Financial Markets of the Russian government is actively working on amendments to the bill on gambling to the derivatives market does not come under that law. According to the deputy head of the FFMS Vladislav Streltsov, his office "actively working with legislators .. and obvious to all that the futures market can not be equated to the roulette and other games of chance."

What other steps (in addition to defining and legislative recognition of the legal nature of transactions in the Forex market) could take the state represented by the FFMS to create a transparent and legitimate forex market in Russia?

In my opinion, you need to work with the Federal Tax Service to develop amendments to draft laws defining the status of participants in the market (both legal entities and individuals) in tax matters (tax agents, the income tax on transactions, etc.).
It is important to develop the provisions of the requirements of the financial condition of prof. participants (nominal capital, equity, etc.), forms of reporting to regulators (FFMS), self-regulatory organizations prof. participants, disclosure, and measures to reduce (prevent) the specific risks inherent in this segment of the fin. market, correct advertising these services in Russia.
Want to create a situation of certification of software products, through which transactions are for difference (exchange rates, stock indexes, etc.), licensing specialist companies providing services in this segment of the fin. markets (dealers, brokers, etc.)
And, finally, to develop requirements for financial settlement between the parties of the market transactions for the difference, margin lending, segregated accounts prof. participants, etc.
All of the above, would help to protect the Russian clients dealing centers, as well as to make the market more civilized and transparent.